2014-018 Police Officers' and Firefighters' Retirement Trust Fund - Changes Made by CBAORDINANCE NO. 2014 -018
AN ORDINANCE OF THE CITY OF OCOEE, FLORIDA,
RELATING TO THE CITY OF OCOEE MUNICIPAL POLICE
OFFICERS' AND FIREFIGHTERS' RETIREMENT TRUST FUND;
AMENDING ORDINANCE NUMBER 2010 -019, ASSUBSEQUENTLY
AMENDED; AMENDING SECTION 27, DEFERRED RETIREMENT
OPTION PLAN; PROVIDING FOR SEVERABILITY OF
PROVISIONS; REPEALING ALL ORDINANCES IN
CONFLICTHEREWITHANDPROVIDING AN EFFECTIVE DATE.
SECTION 1 . Authority. The City Commission of the City of Ocoee has the authority to
adopt this ordinance pursuant to Article VI I I of the Constitution of the State of Florida and Chapter
166, Florida Statutes
SECTION 2 . That Ordinance No. 2010 -019, adopting the amended and restated City of
Ocoee Municipal Police Officers' and Firefighters' Retirement Trust Fund, as subsequently amended,
is hereby further amended by amending Section 27, Deferred Retirement Option Plan, subsection
6..I. BAC -DROP, to read as follows:
.1. BAC -DROP
In lieu of participation in the DROP, a^^embe +va� Membe w e lect on
or after October 1. 2012 to participate in an actuarially equivalent BAC -DROP to a
date of the Member's choosing, provided that the date is not further back than the
Member's normal retirement date. The total BACDROP period shall not exceed
sixty (60) months and shall provide an immediate partial lump sum distribution,
payable to the Member's DROP Account. The lump sum shall be the accrued
benefit, determined as if the Member had entered the DROP retroactively, as
described above, accumulated with interest at the annual fixed rate of "— 2 %. The
Member may choose an actuarially equivalent form of benefit at the time of BAG
DROP entry, as described in Section 10, Optional Forms of Benefits. Member
contributions shall be returned for the period of the BAC -DROP participation. A
Member electing the BAC -DROP shall terminate employment not later than the first
day of the month following his election to participate in the BAC -DROP. The
Board's authority and power for administration of the BAC -DROP shall be the same
as those provided for in the DROP.
SECTION 3 . Repeal of Ordinances All ordinances or parts of ordinances in conflict herewith are
hereby repealed.
SECTION 4 . Severability In the event any section, subsection, paragraph, sentence, clause,
phrase or word of this ordinance shall be held invalid by a court of competent jurisdiction, then such
invalidity shall not affect the remaining portions hereof.
SECTION 5 . Effective Date This ordinance shall take effect upon second reading and adoption.
PASSED AND ADOPTED this day of r 2014.
ATTEST:
By: Beth Eikenberry, City Cl 1 <
(SEAL)
FOR USE AND RELIANCE ONLY BY
THE CITY OF OCOEE, FLORIDA
APPROVED AS TO FORM AND LEGALITY
THIS �1day of �-`��.��(' � _�` N , 2014.
CHRISTIANSEN & DEHNER, P.A.
Special Counsel
r
By: ,.
ksh \ococe \p R07- 31- 14.ord
APPROVED:
CITY OF OCOEE, FLORIDA
S. Scott Vandergrift, Mayor
ADVERTISED C�C-\-C \ --) , 2014
READ FIRST TIM `D '�, 2014
READ SECOND TIME AND ADOPTED
2014
APPROVED BY THE OCOEE CITY
COMMISSION AT A MEETING HELD ON
0) � Cdr ,2014 UNDER
AGENDA ITEM NO.
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